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First Horizon National Corp.: An Easy Road To A Lower Efficiency Ratio And Continued Growth Will Catch This Bank Up To Peer Valuations, Buy

First Horizon National Corp (NYSE:FHN) just had a stellar quarter, trades below comparable peers at 2X price/sales and 1X price to book (for instance, First Republic Bank (NYSE:FRC) trades at 4X PSR and 2X P/B; Bank of Hawaii (NYSE:BOH) trades at 4X PSR and 2X P/B) and has a shockingly bad efficiency ratio. Why would I include that as a positive? Because this terrible metric is a large contributor to the low valuation metrics and should be something the bank can easily trend lower as 2015 goes…